This information is copied from the patch notes "Early Access Update 1" on http://www.playbattlegrounds.com/news/65.pu
Image Credit: playbattlegrounds.com
In a scenario where you see a shooter 1000m away, using AWM (>900m/s muzzle velocity) the events will occur in such order:
1. You see the muzzle flash
2. After ~1 sec you hear the crack/whizz (assuming no air drag)
3. After ~3 sec you hear the gunshot
In the current public build, all bullets generate a sound crack effect. We've changed this mechanic by adding a velocity check, so bullets travelling slower than speed of sound will not generate the crack effect but just whizz. - Marek http://www.playbattlegrounds.com/news/65.pu
Here is a demonstration. Put on some headphones and listen to the shots. Look for the muzzle flash.